May 19 (SeeNews) - North Macedonia-based wine producer Tikves [MSE:TKVS] said that its non-consolidated net profit dropped 3.3% year-on-year to 24 million denars ($422,800/386,700 euro) in the first quarter of 2020.
Tikves' sales grew 6.6% on the year to 376.8 million denars in the three months through March, the company said in an interim financial statement last week.
Domestic sales increased by 6% to 223 million denars, while sales abroad were 7.4% higher at 153.7 million denars.
However, administrative costs rose 10.7% to 20.9 million denars, while sales and marketing costs rose 5.5% to 35.5 million denars.
Impairment and other operating costs added 2.9% on the year to 57.4 million denars in the January-March period.
The company's shares last traded on the Skopje bourse on April 29 at an average price of 4,734 denars.
(1 euro = 62.06 denars)